How to unlock my phone and use in a diff country while still in contract

I have a very basic question and am sure many of you will also have it and might have even experienced it.
Q: I have my iPhone on contract, and I need to travel fequently to other countries. I prefer to use a local SIM (connection) whenever I am out of my home country, so I generally carry an additional phone. However, just trying to understand the way out with using my iPhone for the same and why should I be bothered to carry couple of phones always. I am not chucking the contract away and am happy to pay as usual, just that I wanna keep using iphone with different carriers in different countries.
What are the options I have? I know I have to unlock my phone, but who does it? Apple or the carrier?
Also, will unlocking my iphone once in my home country alone will ensure that I will be able to use my iphone wherever I go and use any connection?

So is it always the carrier, as I heard couple of people did it via apple in past. Just trying to be sure before upgrading to iPhone 5

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